1 Bedroom with no 1 bedroom comparables

[jvh]

I've got an appraisal that is a 30 year old contemporary and unique home that is a 1 bedroom in a market that I can't locate any other 1 bedroom homes, especially unique homes such as this. What do you recommend that I do?

 

[Dublin ohio]

Last time I had one like that. I had no choice but to go back further in time and to competing neighborhoods.

 

[Dublin ohio]

It was also unique

 

[Terrel L. Shields]

If you can find other houses that are "eclectic" - log homes, domes, etc. try to extract an obsolescence and say they are a proxy for the impact.

Really sux.

 

[J Grant]

How large is the home ? Does the layout make it possible for a buyer to create a second bedroom within the house?

 

[Carnivore]

If you can find other houses that are "eclectic" - log homes, domes, etc. try to extract an obsolescence and say they are a proxy for the impact.

Really sux.

Ya, it does. BUT when our volume slows and it will... challenging assignments like the OP's will keep the cash flowing at a higher fee while all the FHA Grade on Slab Vinyl Village Appraisers get in the lowest bid & Turn Time war with each other.

 

[CGinMN]

Analyze the prior sale, if there is one, to determine an all inclusive adjustment rate between it, and a similar sized traditional 2 bedroom home.

 

[J Grant]

Sometimes it is not just price, but market exposure time for a unique property - if more conforming houses sell 30-60 days, this might be 120-150 days (for example ) researching DOM of other unique homes might help -
But a lot depends on the size and layout, does it lend itself to a second bedroom added or is it very specific design centered limited to one bedroom.

 

[sputnam]

You do the same thing appraisers always do... you use the best of the lousy comps that are available and you move on. Unless there has never been a sale of a 1 bedroom dwelling in the history of the market area.... you can extract an adjustment, as a percentage. The reasonable and supportable assumption is that an older sale with one bedroom would have the same market reaction, as a percentage, as a current sale. You will need to explain what you did and why you did it. But it is a legit way to extract market reaction.

 

[DTB]

Last time I had one like that. I had no choice but to go back further in time and to competing neighborhoods.

If you can find other houses that are "eclectic" - log homes, domes, etc. try to extract an obsolescence and say they are a proxy for the impact.

Really sux.

You do the same thing appraisers always do... you use the best of the lousy comps that are available and you move on. Unless there has never been a sale of a 1 bedroom dwelling in the history of the market area.... you can extract an adjustment, as a percentage. The reasonable and supportable assumption is that an older sale with one bedroom would have the same market reaction, as a percentage, as a current sale. You will need to explain what you did and why you did it. But it is a legit way to extract market reaction.

And HANG ONTO THAT DATA for future use.